India, Oct. 29 -- The Supreme Court on Thursday refused to issue any direction to the Securities and Exchange Board of India (SEBI) mandating public disclosure of ultimate beneficial owners and portfolios of alternative investment funds (AIFs), foreign portfolio investors and their intermediaries in India.

A bench of Justices BV Nagarathna, R Mahadevan and DK Upadhyaya, hearing a plea filed by TMC MP Mahua Moitra, said there was no legal regime or any framework in place for any full public disclosure about ultimate beneficial owners.

The bench initially questioned Moitra for filing such a petition, saying she could have raised the issue in Parliament and sought a discussion on it.

The top court said it cannot issue any mandamus without...